Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

I suspect that Senator Cormann should also then be yelling out to the Parliamentary Budget Office, which projects revenue slightly higher than Treasury and Deloitte Access Economics—who he has previously liked to quote—who also projects a revenue forecast that is slightly higher. Obviously, the volatility of resource rent taxes is an intrinsic aspect of their design. The PRRT is also a profits based tax. It has been around for about 25 years. The volatility of collections under that revenue head exceeds that of any other revenue head.

I would also like to make the point that the MRRT is less than a year old. We have seen some recovery in the spot prices. It will take time for those to be fully reflected in mining contracts and therefore in revenue. We have also seen an increase in capex and— (Time expired)